Israel’s EAPC, MED-RED JV ink deal to create a land bridge

Israel’s EAPC, MED-RED JV ink deal to create a land bridge

Israeli state-owned company Europe-Asia Pipeline Company (EAPC) has inked a binding memorandum of understanding (MoU) with MED-RED Land Bridge Ltd (MRLB) – which is a joint venture (JV) between Abu-Dhabi based Petromal and two Israeli firms – to collaborate in the storage and transfer of oil and oil products.The MoU will witness the creation of a land bridge between the Mediterranean Sea and the Red Sea, as oil and oil products are transferred through the EAPC pipeline network and storage tanks, from the UAE and other Eastern markets to the Western markets, and from the Mediterranean to the Far East.According to the agreement, EAPC will provide management services for the infrastructure, enabling transmission, and storage of the oil and oil products.The collaboration